Wednesday, 25 July 2012 09:48

DIRA Bill passes

Written by 

Amendments to the Dairy Industry Restructuring Amendment Bill have passed its third and final reading in Parliament.

Primary Industries Minister David Carter says the Bill is a significant step to continuing a competitive and innovative dairy industry.

"The Bill legislates for greater transparency of the way Fonterra currently sets its farm gate milk price through its milk price manual, though it does not directly intervene in Fonterra's milk price setting processes."

The Bill also includes changes that allow Fonterra to move to its shareholder approved Trading Among Farmers (TAF) system.

"There has been considerable debate amongst Fonterra's shareholder base around the merits of TAF. But after the shareholders voting in favour for TAF and the legislation passing today, it is time for Fonterra to move forward growing the opportunities that exist for the company both in New Zealand and overseas."

Under the legislation, farmers will retain the ability to freely enter into Fonterra or exit to competing dairy processors and be assured of receiving a fair value for their shares, Carter says.

More like this

Fonterra reacts to feedback

Fonterra's board is getting some kudos for listening to shareholder concerns as it works on a new capital structure.

Peak milk?

OPINION: So, Fonterra believes New Zealand has reached peak milk.

National

Shine off dairy prices

Resurging Covid-19 across the globe is continuing to take the shine off previously high dairy prices.

Fonterra reacts to feedback

Fonterra's board is getting some kudos for listening to shareholder concerns as it works on a new capital structure.

West Coast resilience tested

DairyNZ head consulting officer in the South Island, Tony Finch, says his first priority has been to get an accurate…

Machinery & Products

One-pass cultivator moves 70% less soil

According to Kverneland distributor, Power Farming, the KultiStrip system will bring opportunities to farm environmentally, while improving yields and profitability.

Claas buys into bots

German harvesting specialist and tractor manufacturer Claas has acquired a minority shareholding in Dutch start-up company AgXeed, the developer of…

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Oh yeah?

OPINION: The Hound reckons that meat company Silver Fern Farms is now drinking from the same Kool Aid trough as…

Hypocrites!

OPINION: Your old mate finds it rather ironic that the Government is going to open up the border to allow…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter